**Magnate Finance Rug Pull:**

- #Magnate #Finance, a #DeFi lending #protocol on Ethereum's layer-2 network Base, has conducted a rug pull, resulting in a loss of $6.4 million in user assets.

- This incident is the latest in a series of troubling events on the Base network, occurring just a month after its official mainnet launch.

- The project developers manipulated the price oracle provider, allowing them to withdraw all assets from the platform.

- A portion of the stolen funds, including $1.34 million in DAI and $1 million bridged to the BNB chain, was moved to various Ethereum layer-2 solutions.

- Despite the rug pull, $1.3 million in DAI and around $486,000 worth of ETH remains on the Base Network.

**Previous Suspicion and History:**

- Prior to the rug pull, an on-chain investigator had posted a community alert about the possibility of such an event.

- The deployer address of Magnate Finance had received funds from previous rug pulls, including Solifire's and Kokomo Finance's incidents.

- The developers of the Base DeFi lending protocol have been involved in three rug pulls, causing a total loss of $16.7 million in user funds.

**Response and Actions:**

- Magnate Finance deleted its Telegram group and disabled its official website following the rug pull.

- The project's online presence, including its X account and social media, has been wiped out.

**Challenges in the Base Network:**

- The Base Network has experienced setbacks, including the BALD rug pull ($25.6 million), Rocketswap DEX hack (over $450,000), and theft from LeetSwap (342 ETH, $626,000).

- Despite these challenges, Base Network ranks as the fourth most active layer-2 solution, with a daily transaction per second value of 7.73, according to L2Beat data.

- While the total DeFi ecosystem has faced decline, Base has shown resilience, gaining 11.02% in TVL over the last week, now valued at $185.81 million according to DefiiLama data.